Teacher Instructions:

Student Instructions:

Step 1 – Log into “Practice AET” on in the left upper menu & Set your practice class.

  1. Log into “practice AET” or create an account by completing the required information
  2. All students in AET have a first agricultural class, so once logged in, select “PROFILE” and choose to add your example starting September 1, ______(a)

Step 2 – Creating your SAE, Plan and Budget in AET using the Experience Manager

  1. Choose “PROFILE” and then to create this practice SAE (Show steers) and select “ADD NEW”, then:
  • Choose “Animal System”, subtype as “Beef”, entrepreneurship and named as“show steer ______(b)”
  • Develop a logical description, choose “market project”, 2- head, and using “Market/Heifer Manager”, 100% ownership…hit SAVE
  1. Once created, your AET Experience Manager has a “PLAN”, which includes the following tabs to be completed <Add your own words to make this complete>:

Description
This project is 2 head of...(YOUR WORK)..show steers that are planned for either the county show and or Houston Livestock show in ______(b) year.
I began this project in September of ______(a) and should complete this project by March of ______(b).
My interest in this area is related to…(YOUR WORK)
Time Investment
My project starts at the beginning of school (September) and ends by March of ______(b).
Supervision of my project is from my teachers and my parents. My daily care of this project is.....
Financial Investment
I obtained my funding from my parents and will hopefully pay them back once I reach the market shows. I am expecting to spend approximately $2,000 per head for a total of $4,000.
I also have non-cash labor exchange for work related to my steer projects. To complete my steer project I am estimating to spend money in ... < find the types of expenses you will need to complete a steer project >
Capital Investment
I purchased a show box from a previous student and recorded that as my main asset to support these steers. Other assets need such as a trailer, truck, fuel and barn are all exchanged labor caring for our other livestock.
Learning Outcomes
Pre-Project:
This is my first project and my plan is to learn about caring for steers and....< what would expect to learn>
  1. Once saved, your AET Experience Manager has a “BUDGET”, which includes the following entries:

Budget Details

Expense Type / Estimated Expense
Feed / $1,000
Veterinary medicine / $25
Non-Cash Expense - Other / $200
Inventory Purchased for Resale / $4,000
Income Type / Estimated Income
Cash/Market Sale / $3,500
Stock Show/Premium Sale / $4,500
Non-cash Income - Labor Exchange / $200

Once you have entered these budget details, hit SAVE…your done setting up your SAE.

Step 3 –Now your financial entries, choose “FINANCES” menu for all of the following:

a. Choose your menu, and select “CASH INCOME & EXPENSES” to record cash entries by choosing:

  • Choosing “CASH EXPENSES” and enter the following:

Date / Vendor / SAE / Expense Type / $ Value / Memo
9/1/______(a) / Steers R us / (Choose)-Show steer / Inventory Purch. for Resale / $2,000 / 2 head, 1350 lbs / Save & enter another expense
9/1/______(a) / Feed store / (Choose)-Show steer / Supplies / $25 / misc supplies / Next line…
(Choose)-Show steer / Feed / $325 / 800 lbs / Save & enter another expense
10/15/_____(a) / Feed store / (Choose)-Show steer / Feed / $400 / 500 lbs / Save & enter another expense
11/15/_____(a) / Feed store / (Choose)-Show steer / Feed / $350 / 900 lbs / Save & enter another expense
11/15/_____(a) / Hardware store / (Choose)-Show steer / Supplies / $50 / Lock and hinges / Save & enter another expense
12/15/_____(a) / Feed store / (Choose)-Show steer / Veterinary medicine / $40 / Misc vaccinations / Save & enter another expense
12/15/_____(a) / Feed store
/ (Choose)-Show steer / Supplies / $75 / misc supplies / Save & enter another expense
1/5/______(b) / Feed Store / (Choose)-Show steer / Repairs/maintenance / $75 / Stall repairs / Next line…
(Choose)-Show steer / Feed / $475 / 800 lbs / Save & enter another expense
1/15/_____(b) / Houston Stock Show / (Choose)-Show steer / Entry Fees / Commissions / $50 / Entry fee / Save
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Cash -$3,865
Current Inventory
Show steers $3,865
  • Once you have entered these expenses, this will create current your use of cash that causes you to have a negative value (-3,865), which is a loan from your parents
  • Also, AET will create current inventory value for the steers (3,865), which is shown in your left menu balance sheet.

b. Your project needs capital assets to operate, so choose to record your purchase of capital items (show box, show supplies) – “New Capital Item purchase”, see details below:

Date / Vendor / Type / $ Cost / $ Salvage Value / Descr. / Depreciation / Owner
9/22/____(a) / Show suppliers inc. / Machinery & Equipment / $800 / $600 / Show box, halter, show stick, etc… / Choose (10yr) / 100%
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Cap. Items $780
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Capital items are non-current inventory values that are used to operate your other enterprises. In this case we purchased an item worth $800, but valued after 1 year of depreciation at $780, shown in the left menu balance sheet.

c. Non-cash entries represent expenses that need to be recorded, but did not take cash to complete. Choose to record your NON-CASH entries

  • The following represents your labor exchange for stall rent for your steer, choose “SAE LABOR EXCHANGE” and enter the following:

Date / $Value / Choose SAE / Memo
12/31/______(a) / $50.00 / Show Steer / Pen Rent for 2011

d. Now, once we have entered all expenses choose to enter: “CASH INCOME & EXPENSES” to record cash sales of the two steers we purchased.

  • Select “CASH INCOME” & enter the following:

Date / Vendor / Experience / Type / $ Value / Memo
2/22/______(b) / Stock Show / Show steer / Cash / Market Sale / $1,900.00 / 1 head, 1150 lbs,
2/22/______(b) / Stock Show / Show steer / Stock Show/Premium Sale / $4,000.00 / 1 head,
1250 lbs

Step 4 –Your financials are done, so record a “JOURNAL” entry to record your time

All Done…now review the following AET reports to make sure your entries match the values. You should PRINT these reportsfrom your “AET Practice Entries”. Access the menu for reports and then choose these report types:

  1. Single Experience Report - - & choose “Complete Report (pdf)” - which will bring in all your SAE entries, which includes your plan, your budget, your expenses and income as well as profit and loss statements.

Results: Profit of $2,015 that represents ending in year ______b.

(You sold 2 steers for a total of $5,900 and spent (-) a total of $3,865 - depreciation of $20 is $2,015 profit)

  1. Capital Item Report – Shows your “Show box & Tack” items, bought for $800, but declines by $20 each year in depreciation.
  2. Analysis of Animal Experience, then analysis option - - & choose this SAE – which will bring up a summary of your show steers and statistics such as…. these steers were in inventory for 174 days, 3.0 lbs per day as well as fed 17.2lbs of feed per day.

Review your complete reports and compare your “AET Practice SAE” report to the key reports attached to these instructions.